The humanoid robotics industry is currently experiencing significant financial investment. Recently, AI2 Robotics, a startup based in Shenzhen known for developing wheeled humanoid robots, secured approximately $735 million, valuing the company at nearly $3 billion. Earlier in the year, Apptronik, an Austin-based company that creates humanoid robots for manufacturing and logistics, completed a $935 million funding round, raising its valuation to more than $5.5 billion. Last autumn, Figure AI, a San Jose startup working on general-purpose humanoid robots, reported closing a $1 billion Series C funding round, achieving a striking $39 billion valuation.
In contrast, Peggy Johnson, CEO of Agility Robotics, takes a more cautious approach. In a phone interview last week, she discussed the company’s intention to go public via a merger with Michael Klein’s Churchill Capital Corp XI, a special purpose acquisition company (SPAC). The merger values Agility at approximately $2.5 billion, with an anticipated raise of over $620 million in gross proceeds, marking the largest capital raise in the history of humanoid robotics. This transaction is yet to be finalized, pending shareholder approval and SEC review, with completion expected later this year.
Agility Robotics was established in 2015 as a spinoff from Oregon State University. Based in Salem, Oregon, the company specializes in bipedal humanoid robots for use in warehouses and factories. The SPAC strategy is significant as it positions Agility as the first purely humanoid robotics firm to be publicly traded, offering retail investors direct access to a sector previously dominated by venture capitalists. This move also provides insight into the financial workings of a business typically secretive about its figures and technology development.
Johnson, who previously served as executive vice president of business development at Microsoft, where she facilitated the $26 billion LinkedIn acquisition, and later as CEO of Magic Leap, exercised caution during our discussion. She refrained from providing future financial projections, did not disclose the cost of materials for Agility’s main robot, Digit, and avoided speculative conversations.
When asked why Agility is opting for a SPAC instead of another private funding round, Johnson cited the advantage of being a pioneer in going public. She described Agility as “an acceleration story and a timing story” for investors eager to buy into a trending robotics company. The capital raised will aid in increasing production at Agility’s 70,000-square-foot facility in Salem, Oregon, and in meeting existing customer orders.
Addressing the negative perception of SPACs, which have seen many companies underperform post-public offering, Johnson remained optimistic. “If we just keep our head down, keep delivering customer by customer, robot by robot, we hopefully won’t experience the same volatility,” she stated. “Our biggest competitor right now is just us. How quickly we can execute, how quickly we can continue to add new skills.”
Johnson mentioned to JS that the company’s pipeline extends beyond initial tests, with over $300 million in confirmed multi-year revenue. This equates to about 1,000 robots being part of a subscription-based service where clients pay monthly fees instead of purchasing the robots. “Everybody on our list right now is already vetted, and they have deployment plans behind their proof of concepts,” she explained. Notable customers include GXO Logistics, Amazon, Toyota Motor Manufacturing Canada, Schaeffler, and Mercado Libre.
The company’s main product, Digit, is a straightforward piece of machinery. Standing 5’9″ and weighing around 160 pounds, it excels at moving heavy objects in environments designed for humans. Its unique design features reverse-bend knees, sometimes referred to as “bird legs,” allowing it to access both low and high shelves without obstruction. Johnson noted that the design team was not focused on mimicking human anatomy. The robot’s hands, with two thumbs and two fingers, are also specifically designed for handling heavy plastic containers, even if their contents shift during movement.
Johnson stated that Agility is “LLM-agnostic,” utilizing models like Claude and Gemini to handle what she refers to as the semantic layer, transforming high-level commands into robot actions. She recounted a test where engineers scattered various trash types on the floor and instructed Digit to “clean up this mess.” The robot successfully identified, sorted, and disposed of the items appropriately, even correctly categorizing bubble wrap as non-recyclable.
Agility’s strength lies in the physical layer — the mechanics of balance, movement, and handling — which the company views as its key proprietary advantage, refined over a decade of practical use. As Johnson remarked, “The LLMs had the entire internet to train on. When you think about the physical AI of humanoids — that doesn’t quite exist yet.” She believes Agility stands out with possibly the largest collection of operational robotics data from real environments.
Johnson emphasized that safety is a major differentiator for Agility. While competitors often showcase their robots in controlled settings, Agility’s robots meet industrial safety standards required for customer site operations. “You can’t build your robot and then make it safe,” she said. “You have to have all of the safety certified — the electrical system, all of the parts, and the software to support all of that.” This is a critical consideration, especially where humans are present. In November, Figure AI faced a lawsuit from a former head of product safety over concerns about the power of its robots, although Figure disputed the allegations.
Regarding domestic use, Johnson believes humanoid robots will eventually enter homes but not in the immediate future. She estimated a 10-plus year timeline, noting that unlike warehouses and factories, homes are unpredictable with pets, children, and unexpected obstacles. “At least roads have some discipline to them,” she said, drawing a parallel to autonomous vehicles. “Most of the areas that humanoids will be operating in don’t.”
For now, Agility remains focused on the warehouse market, driven by an increasing shortage of labor willing to take on physically demanding roles. “There’s something like over a million jobs in the US today in these areas that are unfilled,” Johnson stated. “They’re just very, very hard to hire for.”
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